WBAL.com

Is Baltimore’s Legg Mason about to disappear?

Company shares shot up more than ten percent soon after a British newspaper, the Telegraph, published a story that a billionaire has bought a big part of it and plans on cutting it into pieces.

Nelson Peltz is said to have secretly bought up to 13 million shares of Legg Mason stock and could push for a sale or breakup.

Legg Mason lost nearly 2 billion dollars in the fiscal year just ended, according to The Daily Record.

A company spokesperson had no comment.

This week it was reported that CEO Mark Fetting was compensated more than 6 and a half million dollars for the year despite the huge company losses.